CCC Intelligent Solutions (CCCS) said Friday it has entered into a definitive agreement to acquire EvolutionIQ for $730 million in a cash-and-stock transaction.
The acquisition, expected to close in Q1, will involve a mix of 40% CCC Intelligent Solutions common stock and 60% cash, with the cash portion funded through balance sheet reserves and a $225 million term loan, the company said.
EvolutionIQ's leadership and team will join CCC, the company said.
CCC said it plans to deploy EvolutionIQ's AI-powered claims resolution capabilities across its network.
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